A massive mall retailer now closes a major store in Tennessee, leaving the state with only three locations, sources report.
Macy’s has announced that it is selling its Oak Court Mall store in Memphis, Tennessee.
Once the closure is finalized, the state will have only three remaining locations.
The store, originally constructed in 1961 as Goldsmith’s, was listed for sale on Friday, June 14.
While Macy’s has not yet announced a closing date for the Oak Court location, the impending closure marks another significant reduction in the retailer’s footprint.
However, the company revealed plans earlier this year to shutter a total of 150 stores nationwide.
The company said at the time 50 of those locations would be shuttered by the end of 2024.
In Memphis, the news that Macy’s is up for sale has been met with disappointment among shoppers.
“I’m really surprised,” one customer told local CBS affiliate WREG.
“I mean it’s a busy store in East Memphis that serves the families here and I hate to lose it because it’s a staple and it’s been here forever since the Goldsmith’s days.”
Another said: “I wish it wouldn’t be sold, because like for shopping it’s close to my home.”
If the closure goes ahead, there will be just three Macy’s stores left in Tennessee, reports The-Sun.
There is another store at the Wolfchase Galleria in Memphis, one in Franklin, and one in Nashville.
Macy’s has stated that the closing stores are underperforming and only represent around 10% of its total sales.
Other department store chains like JCPenney and Sears are also closing down locations.
It comes as shopping malls, which are typically anchored by these stores, are experiencing a drop in foot traffic.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
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